The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-24
DISSOLUTION SOUGHT.
WHY TRACY q co. ARE In THE
CHANCERY COURT.
=. II. Gibson, the Partner, Narrates
aStory OF Provoking Business
Disagreements.
To the EditOs Of the Appeal

article in your issue OF the 22d lnstan
headed Dissolution sought" Ia totally
incorrect, and purposely worded 80 a
TO deceive the public and to seriously
reflect on myself. Your reporter wal
evidently entrspped into taking the
word OF some interested party, anC
did not examine the court docket anC
thereby properly inform himself, OF
else he would have seen that applied
for q receiver about the 9Th OF May
through my attorney, Col. r Dudley
Frayser, also that Mr.. r. J. Black was
one OF the three names suggested by
my attorney 30 receiver. As TO the
incorrectness or discrepancy In the
books, l would say that the books are
correct, and in due time the coult will
bear me out In my assertion.
Since you have permitted the publ.
| cation OF the Questionable article as g
! matter of news, and 20 II Is incorrect
and damaging 10 me, ! ask that you
publish the following statement as de.
tailed, which Dean necessary undo;
the circumstances TO plsce me in my
correct position In this community.
In Msy, 1886, I took an interest
with Peter Tracy in the printing bust
ness, and invested o certain amount OF
cash capital And owing 10 his BUSH
ness having been run Teekleesly loose,
and without any books 10 show his liz
bilitiee, | sgreed with him that my In
terest should be that proportion which
my each investment would bear to his
paid up capital.
After being in the business about
four months l found that he owed
notes and accounts to valious parties
amounting to nearly a. much rs the
sum total OF the entire value OF stock,
which fact wou'd establish his interest
as nominal as compared TO mine. But
as Tracy was carving borrowed
debt Of bstween 5000 snd $4,000, on
notes of from $500 to $500, which were
indorsetI by his personal irlends, such
as Joon CASTOR, w. n Traak, Napo-
leon Hill, H. Forstenheim, T. J. Ora
ham, O. b. Galloway, Nolan FoDtsine,
Ed r. Hart, CIapp 4 Myler, Flank
0sinne, Ozsnne, DAnnieon 4 Co., y.
Ogsnne Il o., r " Patterson. A. s.
Evermore, l. N. Hnewden, +, A,Jones,
and several others, all Of whom had
an acquaintance with, but not such an
acquaintance M woHd justify me In
asking theee geRtk nien 10 indo,se
paper for the firm Rox this reason,
together with the TACT that my first In
vestment had exhausted all my availa-
BILE cash, / saw the necessity Of contin-
uing my copartnenhip with Tracy Tor
the time, aud continuing with him on
account Of bis peculiar and wonder
full ability Of working his, f,iends"
And notwithstanding biS we'll known
habits OF being Q heavy social
drinker," OF his constantly embarking
into or working MP ouside schemes
with which the arm had no interest,
such as "roller cosaer," "raceg h rse
parks" "fireworks," 'fancy balls"
hMexican baudp," and concerts for
his individual bsnefi., )" together with
his reckless habit Of making lndlvldu-
al debts which, In the msiority, the
firm was forced to pay from the fact
that his creditors could not get II
from him, and as last chance they
would order stationery and refuse to
pay the bill except with an Offset
against Tracy. And sgsiD, he would
arrange In his peculiar way TO furnish
clothes TO the poor boys never
knew how or from whom he got the
assistance, but this l do know, that
the first winter we were together he
induced Messrs. Buxbaum Il Co., tie
Famous clothiers, to furnish the boys
with clothes and charge IL to Tracy.
In due time We did big job Of book
and stationery work for Buxbsnm,
which he refused to pay, claiming to
hold q long past due claim against
Tracy, which J was compelled to allow
as an Offset. The same scheme was
worked on Menken Il Go. during the
next year.
say, that no, Notwithstanding all his
faults, was compelled 10 remain with
him for at least time to secure relief
f,om the outside indorserB, and to
make II to his interest TO remain l
placed half interest Of the profits to
his credit at the expiration OF the fret
years business, which amount was far
In excess of what he could have ex-
pected from our contract Yet, even
with such credit he was overdiawD all
OF his capital and nearly Thousand Of
the firms funds. agreed to continue
business with him for six months, till
the following October, under new ar.
ticles OF copartnership, which were In.
tended TO force him to give his entire
time 10 our business and cease enter.
ing into outside matters, which arti-
Giles are on file with the bill in chan
Gerry. l entered into this new agree.
ment under the hope Of getting back
the amount he had overdraWD, but
his having completely failed to live up
to the articles OF copartnership. In
fact, he raised money from the in
dorsement OF the before named par
ties and started a "toboggan,"
have tried every known way 10
sever my connection with him since
the expiration Of our copartnership,
in last October, but was delayed from
time to time, during which Tins
Tiacy was secretly working up an.
another and q greater scheme, In his
estimation, than ever before under
taken by him, which was to form a
stock company Of our customers and
thereby get another start, which fact l
did not learn until very recently, when
q friend disclosed the scheme; and, az
usual, he had "worked his friends" or
gotten up the stock company with
Tracy at the head.
The foregoing details, / claim. are
necessary to a full Vindicstion from
the position in which your article has
placed me, and I ask that they be pub
lished In your paper.
The court records will prove that
your informa was wofully mit-
taken. 1t was not the lie that dam
a0ad mn II waa vour nuhliahin0 IL an n